The Nigerian Exchange (NGX) extended its Monday rally on Tuesday as strong demand for large-cap stocks and exchange-traded products pushed equity market capitalisation higher by over ₦1.6 trillion.
The NGX All-Share Index (ASI) advanced to 165,837.32 points, up from 163,244.69 points on Monday, January 12, reflecting sustained bullish momentum across the market.
The movement represents a clear continuation of the upward trend established in the prior session.
Market Capitalisation Expands Further
Equity market capitalisation increased to ₦106.18 trillion, compared with ₦104.52 trillion on January 12, translating to a ₦1.66 trillion single-day gain.
This expansion underscores intensified capital inflows, particularly into heavyweight and high-liquidity stocks.
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Equity Market Cap: ₦106.18 trillion (Jan 13) vs ₦104.52 trillion (Jan 12)
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Bond Market Cap: ₦51.55 trillion vs ₦51.59 trillion
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ETF Market Cap: ₦60.69 billion vs ₦58.65 billion
While bond capitalisation edged slightly lower, the ETF segment recorded a notable increase, confirming growing institutional interest in diversified instruments.
Trading Value Surges Despite Slight Volume Dip
Trading activity on January 13 reflected a shift toward higher-value transactions.
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Volume Traded: 1.13 billion shares vs 1.15 billion shares on Jan 12
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Value Traded: ₦33.55 billion vs ₦19.23 billion
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Deals Executed: 49,216 vs 59,359
Although total volume and deal count declined modestly, the sharp rise in value traded indicates stronger positioning in high-priced and large-cap stocks, particularly in telecommunications and banking.
MTNN Drives Index Higher After Flat Prior Session
The market’s advance on January 13 was materially influenced by MTN Nigeria (MTNN), which gained 10 percent to close at ₦605.00, after remaining inactive in the previous session.
The sharp move in MTNN marked a clear escalation from January 12, when gains were largely driven by small- and mid-cap stocks such as eTranzact, UPDC, and RT Briscoe. The shift toward large-cap leadership strengthened the sustainability of the rally.
PZ Cussons, Caverton, Deap Capital, and eTranzact also recorded maximum price appreciation, reinforcing momentum across sectors.
Sector Rotation Becomes More Defined
Compared with January 12, when insurance stocks dominated trading volume, January 13 saw stronger participation from banking and telecom stocks.
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Sovereign Trust Insurance remained the most traded by volume, increasing turnover from 307 million shares to 343 million shares.
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Access Holdings entered the top activity list, recording ₦1.98 billion in value, compared with Fidelity Bank’s dominance on January 12.
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eTranzact sustained momentum for a second consecutive session, signaling continued speculative and institutional interest.
Insurance Weakness Persists
Insurance stocks continued to face sell pressure, extending the mixed performance seen on January 12.
Universal Insurance, Prestige Assurance, Regal Insurance, Academy Press, and Royal Exchange closed lower, reflecting ongoing profit-taking and weak demand in low-priced counters. The pattern confirms that while liquidity remains strong, investor preference is increasingly selective.
ETFs Extend Monday’s Breakout
The ETF segment strengthened further after Monday’s breakout.
SIAMLETF40, GREENWETF, VSPBONDETF, and VETBANK all recorded fresh gains, while NEWGOLD edged higher, reinforcing its role as a hedge amid rising equity valuations.
The rise in ETF market capitalisation from ₦58.65 billion to ₦60.69 billion confirms sustained institutional accumulation following the January 12 advance.
Market Outlook
The January 13 session represents a clear continuation and strengthening of the January 12 rally, with leadership rotating from speculative small-cap stocks to heavyweight names such as MTNN and Access Holdings.
The combination of rising market capitalisation, higher value traded, and expanding ETF participation suggests growing confidence in the sustainability of the uptrend. However, persistent weakness in insurance stocks highlights the market’s selective nature.
With equity capitalisation now firmly above ₦106 trillion, investor focus is expected to remain on large-cap stocks, liquid banking names, and ETFs that provide broad market exposure as the trading week progresses.
